Protecht loves Bow Ties, both formal and informal! Bow Tie analysis has been around for longer than you might think.
While some industries including oil, gas and mining have been using the bow tie consistently for years, at a broader level it appears that other industries, such as financial services, are also now realising the value of this simple yet effective risk management technique.
Bow Tie analysis provides a tool to identify and map out the different components of risk including root cause, risk events, risk impacts and controls.
Bow tie analysis can be used to understand and analyse risk incidents that have happened as well as better understand those risks that have not yet happened. As a result, it can be used for many aspects of your risk management framework including:
If you would like to start using the Bow Tie as an integral part of your risk management framework we have created an ebook which you can click on the image below to download.
Author of 'A Short Guide to Operational Risk', David Tattam is an internationally recognised specialist in all facets of risk management, particularly at the enterprise level. His career includes many years working with PwC, as well as two Australian banks. His achievements include the creation of the Middle Office (Risk Management Department) for The Industrial Bank of Japan in Australia and the complete implementation of all Australian operations, systems, procedures and controls for Westdeutsche Landesbank (WestLB).